Brookfield Asset Management Ltd. $BAM Shares Sold by Azimuth Capital Investment Management LLC

Key Points

• Azimuth Capital Investment Management LLC has reduced its stake in Brookfield Asset Management by 10.5%, now holding 167,880 shares valued at approximately $8.13 million.
• Several institutional investors increased or initiated their positions in Brookfield, with AGF Management Ltd. raising its stake by 60.5% to own 1,603,608 shares valued at about $77.74 million.
• The company has announced a quarterly dividend of $0.4375, representing an annualized dividend of $1.75 and a dividend yield of 2.8%.

Azimuth Capital Investment Management LLC lessened its stake in Brookfield Asset Management Ltd. (NYSE:BAM - Free Report) TSE: BAM.A by 10.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 167,880 shares of the financial services provider's stock after selling 19,650 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Brookfield Asset Management were worth $8,134,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAM. Dagco Inc. purchased a new position in shares of Brookfield Asset Management during the 1st quarter worth $86,000. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new stake in shares of Brookfield Asset Management in the first quarter valued at about $487,000. HighTower Advisors LLC grew its holdings in shares of Brookfield Asset Management by 4.9% in the first quarter. HighTower Advisors LLC now owns 144,680 shares of the financial services provider's stock valued at $7,010,000 after purchasing an additional 6,735 shares during the period. AGF Management Ltd. increased its position in Brookfield Asset Management by 60.5% during the first quarter. AGF Management Ltd. now owns 1,603,608 shares of the financial services provider's stock worth $77,742,000 after purchasing an additional 604,395 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its stake in Brookfield Asset Management by 1.7% during the first quarter. Public Sector Pension Investment Board now owns 36,336 shares of the financial services provider's stock worth $1,759,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds own 68.41% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley increased their price target on shares of Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. upped their price objective on Brookfield Asset Management from $51.00 to $55.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Piper Sandler initiated coverage on Brookfield Asset Management in a research report on Monday, June 30th. They issued a "neutral" rating and a $60.00 price objective for the company. Jefferies Financial Group raised their target price on Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a research note on Wednesday, August 13th. Finally, BMO Capital Markets lifted their target price on Brookfield Asset Management from $53.00 to $56.00 and gave the company a "market perform" rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $63.33.

Brookfield Asset Management Trading Down 1.2%

NYSE:BAM traded down $0.7030 on Wednesday, reaching $59.3070. 1,408,029 shares of the company's stock were exchanged, compared to its average volume of 1,693,134. The firm has a market capitalization of $97.13 billion, a price-to-earnings ratio of 39.80, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. Brookfield Asset Management Ltd. has a 52-week low of $39.19 and a 52-week high of $64.10. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average of $58.60 and a 200-day moving average of $55.15.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). Brookfield Asset Management had a net margin of 55.92% and a return on equity of 41.12%. The business had revenue of $1,107,960 billion during the quarter, compared to analyst estimates of $1.29 billion. As a group, analysts expect that Brookfield Asset Management Ltd. will post 1.7 earnings per share for the current year.

Brookfield Asset Management Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.4375 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 3.0%. Brookfield Asset Management's dividend payout ratio is currently 117.45%.

Brookfield Asset Management Profile

Brookfield Asset Management Ltd. is a real estate investment firm specializing in alternative asset management services. Its renewable power and transition business includes the operates in the hydroelectric, wind, solar, distributed generation, and sustainable solution sector. The company's infrastructure business engages in the utilities, transport, midstream, and data infrastructure sectors.